FICPA calls for IRS to grant safe harbor methods for determining Hurricane Ian and Nicole casualty losses

The FICPA on Monday sent a letter to IRS Commissioner Douglas O'Donnell and Small Business Self-Employed Division Commissioner Amalia Colbert requesting safe harbor methods for individual taxpayers to use in determining Hurricane Ian casualty losses for personal residences and belongings.

The letter, signed by FICPA President & CEO Shelly Weir, cites previous IRS Revenue Procedures, which provided safe harbor tables as a measurement of decline in fair market value under Code Section 165 for personal residences and belongings as a consequence of Hurricanes Katrina, Rita, Wilma, Harvey, Irma, and Maria.

The full text appears below.

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